Big Data and Business Analytics Market to Reach $420.98 Bn, Globally, by 2027 at 10.9% CAGR: Allied Market Research
- Increase in adoption of big data analytics software by various organizations and rise in demand for cloud-based big data analytics software among SMEs drive the growth of the global big data and business analytics market
PORTLAND, Ore., Oct. 28, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Big Data and Business Analytics Market by Component (Hardware, Software, and Service) Deployment Model (On-premise and Cloud), Analytics Tool (Dashboard & Data Visualization, Data Mining & Warehousing, Self-service Tools, Reporting, and Others), Application (Customer Analytics, Supply Chain Analytics, Marketing Analytics, Pricing Analytics, Spatial Analytics, Workforce Analytics, Risk & Credit Analytics, and Transportation Analytics), and Industry Vertical (BFSI, Manufacturing, Healthcare, Government, Energy & Utilities, Transportation, Retail & E-Commerce, IT & Telecom, Education and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027." According to the report, the global big data and business analytics industry generated $193.14 billion in 2019, and is estimated to reach $420.98 billion by 2027, registering a CAGR of 10.9% from 2020 to 2027.
Drivers, restraints, and opportunities
Increase in adoption of big data analytics software by various organizations, rise in demand for cloud-based big data analytics software among SMEs, and benefits regarding big data and business analytics solutions drive the growth of the global big data and business analytics market. However, lack of skilled personnel and high cost of implementation hinder the market growth. On the other hand, rise in trends such as social media analytics and need to avail insights for business planning create new opportunities in the coming years.
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Covid-19 Scenario
- Owing to adoption of "work-from-home" structure, there is a huge amount of data generated, and demand for cloud-based big data and business analytics software has increased to handle such huge amount of data.
- Organizations have been deploying analytics to cope up with challenges arose due to Covid-19 in areas including managing supply chains, protecting data and information, supporting employees, and making financial decision.
- The trend of data-driven decisions has become widespread as companies have been increasingly adopting analytics solutions. Insights extracted from analytics can be utilized to rethink the business models and adapt to changing scenarios.
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The service segment to continue to lead throughout the forecast period
Based on component, the service segment contributed to the largest market share in 2019, holding nearly half of the global big data and business analytics market, and is expected to continue to lead throughout the forecast period. This is attributed to adoption of services among end users with its effective functioning. However, the software segment is expected to grow at the highest CAGR of 12.5% from 2020 to 2027, owing to surge in need to manage ever-increasing data across the globe.
The on-premise segment to maintain its dominant share in terms of revenue by 2027
Based on deployment type, the on-premise segment contributed more than two-thirds of the global big data and business analytics software market in 2019, and will maintain its dominant share in terms of revenue by 2027. This is due to high data transfer speed and security features. However, the cloud segment is estimated to portray the fastest CAGR of 18.1% from 2020 to 2027. This is attributed to increase in adoption of cloud services across various industries.
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North America to maintain its leadership status by 2027
Based on region, North America accounted for the highest market share in 2019, holding more than half of the total share of the global big data and business analytics market, and will maintain its leadership status by 2027. This is attributed to increase in adoption in the region to easily extract insights from unstructured data. However, Asia-Pacific is projected to portray the highest CAGR of 15.8% throughout the forecast period. This is due to presence and expansion of key players in emerging countries such as China and India.
Leading market players
- Amazon Web Services
- Fair Isaac Corporation
- IBM Corporation
- Microsoft Corporation
- Oracle Corporation
- Hewlett Packard Enterprise Development LP
- SAP SE
- SAS Institute Inc.
- TIBCO Software Inc.
- Teradata Corporation
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